Thursday, Nov 27, 2008
EA: "at least 12 months to bottom"
BBC Today: House prices fall 4.3% in quarter
The latest Nationwide house price survey has been published. House prices have fallen by 4.3% over three months. In London, asking prices for homes are being slashed by up to £100,000 to secure sales in the run-up to Christmas, the Evening Standard says. Wales correspondent Mark Hutchings and David Miles, chief UK economist at Morgan Stanley, discuss how the housing market can recover.
Posted by doomwatch @ 12:30 PM (773 views) Add Comment
8 Comments
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1. phdinbubbles said...
It is recovering.
2. planning4acrash said...
Its got nothing to do with Christmas. Its all to do with the banker takeover, I mean, bailout bill. Fact is, that banks no longer need to take risks in lending money, because they can get it without risk now, paid for by their customers via taxpayer bailouts. Why would you loan in this circumstance? Its bad money pushing out the good. That is the result of moral hazard. If you stop the bailout, they will be forced to lend to make money.
3. george monsoon said...
I think there is an abundance of ill-informed optimism here..
12 months to recovery.. more like 48 months.. IF we are lucky..!!
4. 51ck-6-51x said...
Indeed p4ac - and furthermore, once an institution has taken a bailout and been confined by the Govt. it makes sense to feign further weakness and get as much as it can out of the situation - after which said institution gains an advantage over any other institution that is also already confined in this way - encouraging them to follow suit. (The only dampening factor being the possibility of further confinement)
5. bystander said...
You seem very certain phdinbubbles
6. Eternal Sceptic said...
12 months? Dream on.
7. Charles Turner said...
How much is this seasonally weighted? November isn't a good month for house sales. Therefore, have house prices dropped more, but then the statistics uplifted?
Does anyone know how much adjustment is done on a monthly basis for the time of the year?
It seems very strange just when the masses have accepted that there is a recession for there to be such a small drop. It will be interesting to see what Halifax come out with in 10 days time.
8. Danny said...
phdinbubbles. Thanks for that mate. I needed a laugh. :0)